A glimmer of hope for Hostess

By WEEK Producer

November 19, 2012 Updated Nov 19, 2012 at 10:44 PM CDT

NEW YORK -- Hostess went to bankruptcy court in New York on Monday, but the Twinkies and other favorite snacks might live on.

Monday, a bankruptcy court judge ordered Hostess and the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union into meditation to resolve their differences.

That means the Texas-based company won't go out business right away.

The file for bankruptcy comes after union members went on strike over wage, benefit, and pension concessions the company said it needed to keep Hostess from going under.

The makers of Twinkies, Ding Dongs and Ho-Hos has been weighed down by years of debt, management turmoil, rising labor costs and sliding sales.

Hostess suspended all baker operations in Peoria on Friday.

If the company's request to liquidate is approved, more than 18,000 employees, with 150 here in Peoria, will be laid off.

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